WASHINGTON (AP) – Republican presidential hopeful Fred Thompson proposed an income tax plan Sunday that would allow Americans to choose a simplified system with only two rates: 10 percent and 25 percent.
Thompson’s proposal, announced on “Fox News Sunday,” would allow filers to remain under the current, complex tax code or use the flat tax rates.
Asked whether the plan would cut too deeply into federal revenues, the former Tennessee senator and actor said experts “always overestimate the losses to the government” when taxes are cut.
“We’ve known for years any time we have lowered taxes and any time we’ve lowered tax rates, we’ve seen growth in the economy,” Thompson said.
Thompson added that money would be saved by his Social Security reform plan. He proposed that workers younger than 58 receive smaller monthly Social Security checks than they are now promised. Individuals could contribute 2 percent of their paycheck to a personal retirement account, an amount that would be matched by the Social Security trust fund.
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My Way News – Thompson Proposes Tax Choice
Fred Thompson does have some good ideas, many good ideas, and he IS presenting them in a much more forceful manner now, and that’s what it’s going to take too, as I have said, feint heart ne’er won Oval Office, and I am quite sincere in that statement, and I will criticize Thompson, IN MY BLOG, if I feel he deserves criticism and I will sing his praises when I feel he is worthy, but no one will come in here and denigrate Sen. Thompson, I don’t care who it is, you can say anything you like in YOUR blog but in the end, I have final authority over what gets printed here, just as ANY newspaper owner or editor maintains that same editorial license on their own publication…
I don’t have any problem with posting articles that show all sides of my candidate, and I’ll blast the hell out of ALLÂ the candidates I am opposed to, but my blasting is reserved to MY blog, I don’t invade another blog uninvited and blast their choice candidate, case in point, my friend Brad Marston at Azamatterofact and McCain 08, Brad is a hard core McCain supporter but that doesn’t stop us from being friends and it doesn’t stop me from listing Brad’s blogs on the rolls, even though I am opposed to McCain, and have said so repeatedly, ON THIS BLOG, Brad and I respect each others view and we don’t attack or question the others candidates on one anothers blogs, it’s called RESPECT…
Sen. Thompson is getting stronger, his views are becoming more clear as time goes on, he is formulating a plan for America and he hasn’t peaked too soon as have some of the candidates, and Fred Thompson IS a Conservative and he is my candidate, if you support him, let the world know and join the Fred Thompson for President blog roll or any of several blog roll support sites that are supporting Sen. Fred D. Thompson…
Support your candidate, no matter who it is, but exhibit the decency to speak badly of OTHER candidates on YOUR blog and don’t go to a candidates support site and attack them there, that’s bad form, and terribly ill mannered, and in this blog it likely won’t be published if it’s just attack rhetoric for the sake of attack rhetoric…
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Thompson makes more sense than any of the others…but maybe that is his problem..he makes sense. Too damn many of the voters don’t want to hear bad news nor fixes to problems..
It is great to see Fred starting to stride. My canidate isn’t moving but his message is. Fred is both moving up and being heard.
We need a good Conservative canidate.
He’s got great ideas and well thought out, it’s my opinion of why he waited so long to get in the race, one reason anyway, to research and truly work on the issues at hand so he knew what the heck he was talking about once he officially got into it.
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I actually left a nice long comment but it seems to have gotten bumped by the trackback…well if you want to read what I said about Texas Fred I have turned it into a post over at AzaMatteroFact.
Back about 10 years ago I was taking a tax course offered by the IRS. Our instructor happened to be an IRS regional supervisor and the discussion of a flat tax rate came up. He stated that using a flat tax rate (say 10%) would provide enough tax money to run not only the Federal Government but also state and local governments too. The flat rate he talked about would also eliminate all deductions and credits. No matter who you are or how much you made, you were taxed at the same rate. If you make $50,000 per year, you would pay a flat rate of $5,000 for the year. He said the money generated would be sufficient to eliminate sales and property taxes too. Everyone would be taxed at the same rate and nobody could say they were taxed unfairly. But…and their’s always a But.
He said if we did go to a system like this, it would literally put millions of people out of work. He said we had no idea in the numbers of people whose employment is dependent on the “tax industryâ€. People are employed in the collecting of taxes from local levels up to federal along with the industry who makes tax preparation software. Companies hire people just to ensure taxes are collected and paid; even small “mom and pop†type businesses have to hire accounts now days. He said for this reason alone the nation won’t go to a flat rate tax.
Be a damned shame for all those vultures if they had to go out and get a real job and not one that provided them with a targeted core…
I’m with Fred…
Texas Fred and Fred Thompson.